JAMB Accounting 2016 Objective — Question 15
Question 15 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2016 Objective paper, with the correct answer and a full explanation.
Advertisement
15. Which of the following condition would attract credit and debit notes to be used? (a) When goods are sold to a buyer (b) When a trial balanced is extracted (c) When goods are received from supplier (d) When a buyer is under or over charged
- A. When goods are sold to a buyer
- B. When a trial balanced is extracted
- C. When goods are received from supplier
- D. When a buyer is under or over chargedCorrect
Explanation
When a buyer is overcharged, credit note is used. If the buyer is undercharged, the debit note is used.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.